Tyson Foods 2011 Annual Report Download - page 17

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17
ITEM 6. SELECTED FINANCIAL DATA
FIVE-YEAR FINANCIAL SUMMARY
in millions, except per share and ratio data
2011
2010
2009
2008
2007
Summary of Operations
Sales
$32,266
$28,430
$26,704
$26,862
$25,729
Goodwill impairment
-
29
560
-
-
Operating income (loss)
1,285
1,556
(215)
331
613
Net interest expense
231
333
310
206
224
Income (loss) from continuing operations
733
765
(550)
86
268
Loss from discontinued operation
-
-
(1)
-
-
Net income (loss)
733
765
(551)
86
268
Net income (loss) attributable to Tyson
750
780
(547)
86
268
Diluted net income (loss) per share attributable to Tyson:
Income (loss) from continuing operations
1.97
2.06
(1.47)
0.24
0.75
Loss from discontinued operation
-
-
-
-
-
Net income (loss)
1.97
2.06
(1.47)
0.24
0.75
Dividends per share:
Class A
0.160
0.160
0.160
0.160
0.160
Class B
0.144
0.144
0.144
0.144
0.144
Balance Sheet Data
Cash and cash equivalents
$716
$978
$1,004
$250
$42
Total assets
11,071
10,752
10,595
10,850
10,227
Total debt
2,182
2,536
3,477
2,804
2,779
Shareholders' equity
5,685
5,201
4,431
5,099
4,735
Other Key Financial Measures
Depreciation and amortization
$506
$497
$513
$493
$514
Capital expenditures
643
550
368
425
285
Return on invested capital
18.5%
22.8%
(3.0)%
4.4%
7.7%
Effective tax rate
31.8%
36.4%
(1.5)%
44.6%
34.6%
Total debt to capitalization
27.7%
32.8%
44.0%
35.5%
37.0%
Book value per share
$15.38
$13.78
$11.77
$13.51
$13.32
Closing stock price high
19.92
20.40
13.88
19.44
24.08
Closing stock price low
14.84
12.02
4.40
12.14
14.20
Notes to Five-Year Financial Summary
a.
Fiscal 2011 included an $11 million non-operating gain related to the sale of interest in an equity method investment and a $21 million reduction to income tax
expense related to a reversal of reserves for foreign uncertain tax positions.
b.
Fiscal 2010 included $61 million of interest expense related to losses on notes repurchased/redeemed during fiscal 2010, a $29 million non-tax deductible
charge related to a full goodwill impairment related to an immaterial Chicken segment reporting unit and a $12 million non-operating charge related to the
partial impairment of an equity method investment. Additionally, fiscal 2010 included insurance proceeds received of $38 million related to Hurricane Katrina.
c.
Fiscal 2009 was a 53-week year, while the other years presented were 52-week years.
d.
Fiscal 2009 included a $560 million non-tax deductible charge related to Beef segment goodwill impairment and a $15 million pretax charge related to closing
a prepared foods plant.
e.
Fiscal 2008 included $76 million of pretax charges related to: restructuring a beef operation; closing a poultry plant; asset impairments for packaging
equipment, intangible assets, unimproved real property and software; flood damage; and severance charges. Additionally, fiscal 2008 included an $18 million
non-operating gain related to the sale of an investment.
f.
Fiscal 2007 included tax expense of $17 million related to a fixed asset tax cost correction, primarily related to a fixed asset system conversion in 1999.
g.
Return on invested capital is calculated by dividing operating income (loss) by the sum of the average of beginning and ending total debt and shareholders’
equity less cash and cash equivalents.
h.
For the total debt to capitalization calculation, capitalization is defined as total debt plus total shareholders’ equity.
i.
In March 2009, we completed the sale of the beef processing, cattle feed yard and fertilizer assets of three of our Alberta, Canada subsidiaries (collectively,
Lakeside). Lakeside was reported as a discontinued operation for all periods presented.